Interim Report 2025/2026

Content

2 Financial Highlights

5 Chairman's Statement

6 CEO's Report

24 Condensed Consolidated Income Statement

25 Condensed Consolidated Statement of Comprehensive Income

26 Condensed Consolidated Statement of Financial Position

28 Condensed Consolidated Statement of Changes in Equity

30 Condensed Consolidated Statement of Cash Flows

31 Notes to Condensed Accounts

46 Liquidity and Capital Resources

48 Other Information

56 Corporate Information

New World's brand vision is to cultivate and orchestrate creativity to harness the power of business in advancing the modern living experience.

The embodiment of this vision is The Artisanal Movement, a cultural vision and a timeless philosophy of living, whereby we aspire to inspire by unlocking boundless imagination, and offering bespoke and one-of-a-kind experiences.

At the heart of it all are culture, creativity, and sustainability. They together empower us to craft lasting masterpieces and remarkable places, where people can live, thrive and envision new possibilities.

Financial Highlights

• The Group's revenues recorded a year-on-year decrease of approximately 50% to HK$8,391 million mainly due to lower construction revenue and less property handover in the Chinese Mainland.

• Gross profit recorded a year-on-year decrease of 25% to HK$5,038 million.

• Core operating profit was HK$3,636 million, decreased by 18% year-on-year.

• Loss attributable to shareholders amounted to HK$3,730 million, mainly driven by one-off losses including revaluation deficit of investment properties of approximately HK$1,146 million, impairment of development properties of approximately HK$2,126 million, and other impairments of approximately HK$611 million.

• The loss attributable to shareholders narrowed by 44% year-on-year, mainly due to lowered one-off losses as mentioned above, lower financing cost and lowered tax expenses for projects in the Chinese Mainland as a result of less property handover.

• Continuous stringent cost control over general administrative and other operating expenses resulted in a year-on-year saving of 18%.

  Contracted Sales

  • The Group's total attributable contracted sales from property development projects and asset disposals amounted to approximately HK$13.8 billion.

  • The Group's attributable contracted sales in Hong Kong amounted to approximately HK$10.3 billion, mainly contributed by residential projects including Deep Water Pavilia, House Muse, The Pavilia Forest, The Knightsbridge, The Pavilia Farm, State Pavilia and The Legacy, as well as several asset disposals.

  • The Group's attributable contracted sales in the Chinese Mainland amounted to approximately RMB3.2 billion, with the Southern Region led by the Greater Bay Area being the largest contributor, accounting for approximately 60%.

    Capital Expenditure and Treasury Management

  • Capital expenditure (CAPEX) amounted to HK$3.5 billion, representing a year-on-year decrease of 29% primarily as a result of the Group's continuous stringent control over CAPEX.

  • Total capital resources amounted to approximately HK$37.4 billion, including cash and bank balances of approximately HK$21.5 billion and undrawn facilities from banks of approximately HK$15.9 billion.

  • Total debt amounted to approximately HK$144.3 billion, a reduction of approximately HK$1.7 billion during 1HFY2026. Net debt amounted to approximately HK$122.7 billion, an increase of approximately HK$2.6 billion during 1HFY2026.

  • On 5 December 2025, the Group completed a debt exchange for the Group's perpetual securities and guaranteed notes totalling approximately HK$20 billion.

  • The Board has resolved not to declare an interim dividend for the financial year ending 30 June 2026.

Remarks:

1. Include share of results of joint ventures and associated companies, but exclude changes in fair value of investment properties and impairment loss

2. The aggregate of bank loans, other loans, fixed rate bonds and notes payable less cash and bank balances (including restricted cash balances)

3. Consolidated net debt divided by total equity

In 1HFY2026, the Group continued to exercise stringent measures regarding the Group's CAPEX spending, as well as general administrative and other operating expenses, resulting in a year-on-year reduction of approximately 29% and 18% respectively.

CAPEX covers all the land and construction costs incurred for the Group's property development, property investment projects and property, plant and equipment during the financial year. For 1HFY2026, CAPEX amounted to HK$3.5 billion, an approximately 29% reduction compared with HK$4.9 billion in 1HFY2025. The Group is on track to meet the FY2026 guidance of less than HK$12.0 billion, underscoring the Group's disciplined approach to capital spending.

General administrative and other operating expenses amounted to HK$1.5 billion, representing a year-on-year saving of 18% from HK$1.8 billion in 1HFY2025.

During the period under review, the Group's net debt amounted to HK$122.7 billion, representing a year-on-year increase of HK$2.6 billion. This increase was mainly driven by the following three factors.

Although a sizable portion of buyers of the Group's development properties opted for cash-payment, the remaining balance, net of initial deposit, are typically collected after a period of 120 to 180 days. This applies to projects such as House Muse in Kowloon City and Austin Bohemian in West Kowloon. As a result, most of these cash inflows will only be expected during the second half of FY2026.

In addition, a significant portion of the Group's contracted sales in 2HFY2025 and 1HFY2026 were derived from joint venture projects, including Deep Water Pavilia, The Pavilia Forest, The Knightsbridge, Double Coast and The Legacy. Cash generated from these joint venture projects would not be consolidated at the Group level until distributions to the Group were made.

Furthermore, during the period under review, construction of several joint venture projects has been completed, and the respective construction loans fell due. The joint venture partners, including the Group, were required to settle the remaining outstanding loan balances. During the period under review, financial guarantee attributable to the Group has decreased by HK$2.7 billion. The remaining HK$2.7 billion is expected to be fully repaid by cash proceeds from sales.

On 3 November 2025, the Group launched exchange offers (the Exchange Offers) for its perpetual securities and guaranteed notes, aiming to provide holders with instruments linked to an enhanced credit profile associated with Victoria Dockside.

As of the final settlement date on 5 December 2025, investors tendered a total of approximately HK$18 billion in perpetual bonds and HK$1.8 billion in senior secured notes. Upon the completion of the debt exchange, on a pro forma basis, the Group's perpetual bonds and senior secured notes outstanding principal amount would be reduced by approximately HK$8.7 billion and HK$400 million, respectively. At the same time, shareholders' fund increased by approximately HK$8.7 billion.

Chairman's Statement

As the seasons change and new chapters unfold, New World has remained unwavering in its strategic resolve amid cyclical and policy shifts in the real estate sector, fortifying its foundation in the face of uncertainty while steadily forging new paths through adversity. This has been possible due to the steadfast dedication of all our colleagues. With extraordinary resilience and professional expertise, we have overcome challenges in business development and value creation. We are also grateful for the unwavering understanding and support from our shareholders. I would therefore like to take this opportunity to express my sincere gratitude for this collective effort, both internal and external, which has empowered New World to transcend cycles and forge a new beginning.

The Analects of Confucius states: "Honourable and wise persons cultivate their foundations; once foundations are established, the proper way shall emerge". In the face of change, we recognise that strengthening our financial and operational foundations is key to forging a sustainable path for high-quality development.

In a volatile market, our focus is not only on growing our business, but also on the continuous optimisation of our financial structure. Through proactive capital management, we have bolstered our financial resilience. This has provided us with a stronger buffer against uncertainty, as well as a solid basis on which to seize opportunities and embark on new ventures when the market recovers.

Our unwavering commitment to enhancing property quality remains as the core of our persistence. In 2025, we capitalised on the recovery of Hong Kong's real estate market to seize new opportunities. Guided by the belief that "good products are always scarce", all of New World's projects, including State Pavilia and Deep Water Pavilia in Hong Kong, and Canton View and The Sillage in Guangzhou, have maintained market dominance and strong sales, perfectly exemplifying the Group's high-quality development philosophy. In an era fraught with uncertainty, high-quality residential properties remains our brand's competitive moat.

We have steadily expanded our commercial and retail footprint, showcasing high-quality, vibrant human-city symbiosis through premium urban landmarks. In 2025, we witnessed record footfall at K11 MUSEA and K11 Art Mall in Hong Kong. We also saw the grand opening of K11 ECOAST in Shenzhen's Prince Bay and Hanxi K11 in Guangzhou, which have become new landmarks igniting regional economic vitality. With the imminent launch of projects in Shanghai and Hangzhou, the Group's commercial capabilities are set to reach new heights. Each project embodies our profound understanding of the city's vital dynamics, while building commercial resilience that transcends cycles.

Fellow shareholders, changing landscapes never favour those who hesitate, but always reward those who act with conviction. New World Development is building a more robust financial and business foundation, while charting a clear roadmap for sustainable growth. At the same time, we remain deeply committed to upholding the pre-eminent brand we have so diligently established. Although the journey ahead is long, our conviction is unshakeable, and with determined efforts, we will make resolute progress. Moving forward, let us continue to grow side by side, opening a new chapter of high-quality development and generating greater value for all shareholders and the community.

Chairman

Hong Kong, China, 27 February 2026

CEO's Report

During the six months ended 31 December 2025, Hong Kong's residential property market continued to display signs of recovery. In 2025, driven by a record number of A+H listings, Hong Kong has reclaimed its position as the world's top IPO venue for the first time since 2019, underscoring renewed investor interest in Hong Kong's financial markets. The initiation of the interest rate reduction cycle, a visible pickup in homebuyers' confidence and transaction volume, and the continued impact of the Hong Kong Government's talent-attraction initiatives such as the Top Talent Pass Scheme (TTPS) and the Quality Migrant Admission Scheme (QMAS) collectively supported stronger demand and enhanced the overall attractiveness of the Hong Kong residential market. Furthermore, the strong performance of the Hong Kong stock market over the past year has led some prospective buyers to redirect gains from the stock market into property purchases, contributing to the rebound in the Hong Kong residential market.

According to public data from the Land Registry, the total number of sale and purchase agreements (SPAs) signed for residential properties rose by 34% year-on-year, from 25,323 during the period from July to December 2024, to 33,885 during the period from July to December 2025. Total consideration of SPAs for residential building units also grew by 37% year-on-year, from approximately HK$212 billion during the period from July to December 2024, to approximately HK$290 billion during the period from July to December 2025.

During the period under review, the Group's revenues and segment results of property development in Hong Kong were HK$1,389 million and HK$649 million, respectively. The major contributions were attributed by The Pavilia Farm, Uptown East and The Masterpiece.

During the period under review, the Group achieved attributable contracted sales in Hong Kong of approximately HK$10.3 billion, mainly contributed by residential projects including Deep Water Pavilia, House Muse, The Pavilia Forest, The Knightsbridge, The Pavilia Farm, State Pavilia and The Legacy, as well as several asset disposals.

Capitalising on the Group's premium branding and effective sales strategies, sales of the Group's "PAVILIA COLLECTION" sustained strong momentum during the period under review. "DEEP WATER PAVILIA", an ultra-luxury residential project in Island South co-developed by New World Development, Empire Group, CSI Properties, Lai Sun Development and MTR Corporation became the top-selling first-hand project in Hong Kong in 2025 based on gross contracted sales. During the period under review, 367 units were sold and achieved gross contracted sales of approximately HK$5.8 billion. As of 22 February 2026, 768 units were sold since launch with gross contracted sales of approximately HK$13.3 billion. Among its homebuyers, approximately half were from Hong Kong. The project also attracted overseas homebuyers, including those from Singapore, Japan, and South Korea.

Two other residential projects under the "PAVILIA COLLECTION" also performed strongly. "THE PAVILIA FOREST", a luxury residential landmark surrounded by water on three sides in the prime Kai Tak runway area and jointly developed by the Group and Far East Consortium Group, has been well received by both investors and end users, including both local and expatriate buyers, recording the highest gross contracted sales among all the pre-sale residential projects in the Kai Tak runway area. During the period under review, 221 units were sold and achieved gross contracted sales of approximately HK$1.7 billion. As of 22 February 2026, the project has sold approximately 891 units since launch and achieved gross contracted sales of approximately HK$6.4 billion. "STATE PAVILIA," a large-scale heritage residence in the heart of Hong Kong Island, continued to attract strong interest from investors. During the period under review, 61 units were sold and achieved gross contracted sales of approximately HK$579 million. As of 17 December 2025, all 388 units of the project had been sold, achieving gross contracted sales of exceeding HK$4.2 billion.

The Group's "BOHEMIAN COLLECTION" sets a benchmark for contemporary urban living, integrating bespoke craftsmanship with innovative designs that resonate with the new generation of discerning homeowners. The BOHEMIAN COLLECTION's market appeal was underscored by the robust performance of two of its project-launches during the period under review.

House Muse, a project under the BOHEMIAN COLLECTION located in Nga Tsin Long Road, Kowloon City, achieved a 100% sell-through of all 115 price-list units on the first day of launch on 15 September 2025. The project is strategically located within one of the most prestigious Primary One Admission (POA) School Net of 41, and is within walking distance to Kai Tak, an area that showed resilience and continued appeal among homebuyers.

Austin Bohemian, another residential project located in West Kowloon under the BOHEMIAN COLLECTION, also received overwhelming response from the market, with all 63 units sold out on its first day of launch on 12 December 2025. The project is in close proximity to the Austin Station, which is connected to the High-Speed Rail network and is also strategically linked to four railway lines in Hong Kong. As of 31 December 2025, House Muse and Austin Bohemian recorded gross contracted sales of HK$826 million and HK$418 million, respectively.

Another notable launch during the period under review was The Legacy located at the Mid-Levels. Launched in September 2025, the project was jointly developed by the Group and Henderson Land and is well received by the market, being the record holder for the highest number of transactions over HK$100 million in 2025. As of 22 February 2026, 36 units were sold and achieved gross contracted sales of approximately HK$6.1 billion.

As of 31 December 2025, among the unrecognised attributable income of the Group from contracted sales of properties in Hong Kong, HK$18,979 million would be booked in 2HFY2026 and FY2027. Key projects expected to be booked in 2HFY2026 and FY2027 include State Pavilia, The Pavilia Forest, The Pavilia Farm III, Deep Water Pavilia and The Legacy.

While the overall Hong Kong economy showed signs of resilience, the Hong Kong retail sector remained relatively challenging during the period under review. Inbound tourism continued to recover, with the city recording approximately 26.26 million visitor arrivals from July to December 2025, up 12% from 23.35 million during the same period in 2024. A stronger Renminbi during the second half of 2025 also encouraged greater spending by mainland tourists in Hong Kong. However, sustained trends of northbound and overseas spending diverted a sizable portion of local consumption, which continued to pose persistent challenges to the Hong Kong retail market.

During the period under review, consumers' preference continued to shift toward experience-led consumption, favouring retail destinations with cultural experiences. There was also heightened interest in sports and wellness related offerings and experiences, which created new opportunities for Hong Kong retailers. In response to these structural shifts, the Group remained committed to curating differentiated retail experiences that align with emerging consumer preferences and strengthen the long-term positioning of its flagship destinations. During the period under review, the Group's revenues and segment results from property investment in Hong Kong amounted to HK$1,685 million and HK$1,301 million, respectively. K11, leveraging its retail assets' strategic locations, unique positioning and strong foot traffic, continued to attract major international brands and strategic retailers, enabling further optimisation of tenant mix at both K11 MUSEA and K11 Art Mall.

K11 MUSEA, a luxury and premium lifestyle cultural-retail landmark under the Group, continued to cement its status as the premier destination for world-class mega events and exhibitions. During the period under review, mall sales increased by approximately 7% year-on-year, driven primarily by improved performance in luxury, jewellery and watches sales categories, which recorded approximately 21% increase year-on-year. As at 31 December 2025, K11 MUSEA achieved an occupancy rate of 98%, and footfall increased by 2% year-on-year.

In July 2025, the Asia debut of the CR7® LIFE Museum at K11 MUSEA attracted numerous football fans. Bringing an immersive experience from Cristiano Ronaldo's hometown in Portugal, the Museum featured highlights from his legendary career, an impressive collection of his trophies and interactive exhibits. Cristiano Ronaldo's visit to K11 MUSEA during his trip to Hong Kong also drew large crowd and generated extended media coverage. In August 2025, the large-scale themed exhibition "CHIIKAWA DAYS" by AllRightsReserved (ARR) was also unveiled at K11 MUSEA, featuring more than one hundred 3D sculptures, a nine-meter-tall giant inflatable set, and recreations of beloved manga scenes. Both events were effective in driving mall sales and visitors traffic, contributed to a 30% increase in tourist average spending per transaction during the period, with August 2025 also breaking the record for highest monthly footfall since opening.

Capitalising on the rising popularity of music festivals and sporting events, K11 MUSEA launched Hong Kong's largest Sports and Music City Rave series, "BEATS, BURNS & BREWS" campaign, in collaboration with seven renowned sports and fashion brands including adidas, HOKA, Lululemon, Mardi Mercredi, NBA ATELIER, On and Wilson, as well as Social Club Series, the pioneer in daytime-rave during the period under review. Notably, three sports-themed raves were held at K11 MUSEA from September to November 2025, including the first after mall hours night run and rave, a yoga rave, and a rooftop party that took place at the Sculpture Park at K11 MUSEA, overlooking the city's iconic Victoria Harbour skyline. Several leading sports and fashion brands also presented exclusive pop-ups and experiential events, including Hong Kong's first adidas Pickleball Fest, HOKA's experiential pop-up "Mafate Studio", and a limited-time On run hub, coinciding with the opening of Swiss athleisure icon On's largest specialty store in Hong Kong at K11 MUSEA in November 2025.

During the period under review, the tenant mix of K11 MUSEA was further optimised. Notable openings or upgrades during the period included Rolex's first concept store, Van Cleef & Arpels' duplex expansion, Audemars Piguet (AP) expanded AP HOUSE and the opening of On's largest specialty store in Hong Kong. For the second half of FY2026, exclusive Dior Pop-up and Delvaux's New Flagship Store have made their debut in January and February 2026 respectively, and upcoming openings include Balenciaga's Duplex Expansions and Miu Miu's New Store.

K11 Art Mall, the Group's first K11 project with a strategic focus on the Gen Z market, has continuously attracted a new generation of customers by combining anime and collectible toy brands with first-in-Hong Kong stores from renowned international names, exclusive pop-up shops, and unique cross-over collaborations during the period under review. Overall occupancy remained at a high level of 99%, while August marked the mall's highest monthly footfall ever recorded since its opening in 2009.

During the period under review, K11 Art Mall welcomed a wave of new partnerships across multiple categories. These include Jo Malone London in luxury beauty and fragrance, Club Med in travel and resorts, Nikon in electronics and photography, and Sapporo beer in food and beverages, which helped further expand the mall's reach to new customer segments. Successful co-creation events with the merchants at K11 Art Mall continued to drive traffic, mall sales, licence income and media value.

During the period under review, the Hong Kong office sector had shown signs of recovery. According to data published by CBRE, on a full year basis, overall office rents in 2025 contracted by 2.9% year-on-year, marking the smallest full-year decline since 2019.

Leveraging its prime locations and premium positioning, the leasing enquiries and activity of the Group's office portfolio remain robust. As at 31 December 2025, K11 ATELIER Victoria Dockside and K11 ATELIER King's Road recorded impressive occupancy of 99% and 88% respectively, outperforming market averages during the same period. As of 22 February 2026, the occupancy of K11 ATELIER King's Road has further improved to 95%. According to data published by CBRE, the average office vacancy rates in the fourth quarter of 2025 were 10.3% for Tsim Sha Tsui district, and 15% for Island East district.

Other office properties under the Group's portfolio in Hong Kong remained resilient during the period. 83 King Lam Street, completed in March 2024, is the first twin-tower Grade-A office development in the district and has quickly become a new landmark in the area. The property's occupancy rate has been steadily increasing during the period under review, rising from 50% as at 30 June 2025, to approximately 74% as at 31 December 2025. The project has also attracted a diverse tenant mix, including AECOM, Ralph Lauren, Sushiro, Delsey Paris, Lush, Pepsi and LOJEL.

The Group's office properties in Central also delivered solid performance during the period under review. Occupancy at Manning House rose from 94% on 30 June 2025 to 97% on 31 December 2025, while occupancy at New World Tower rose from 83% to 90% during the same period.

As at 31 December 2025, the Group had a landbank with a total attributable GFA of approximately 6.95 million square feet in Hong Kong available for immediate development, of which approximately 3.18 million square feet was for property development use.

During the 2025 Policy Address, the Hong Kong Government has reaffirmed the Northern Metropolis as the new engine for Hong Kong's economic development. Serving as the city's strategic development area in close proximity to Shenzhen, the Northern Metropolis covers a land area and planned population intake accounting for about one-third of Hong Kong's total. It represents a substantial source of economic value and development potential, creating many jobs and boosting productivity.

The Group is well-positioned to capture emerging opportunities brought about by the Northern Metropolis. The Group held an agricultural landbank with a total attributable land area of approximately 14 million square feet pending land use conversion in the New Territories, of which 12 million square feet are within the Northern Metropolis. The successful conversion of these agricultural land resources would serve as a key strategy for the Group to effectively lower its average land cost and capital expenditure, while unlocking long-term value of the Group's agricultural land resources.

The Group has made notable progress on the above mentioned projects during the period under review, of which two projects had already commenced construction. Ma Sik Road, the Group's first Northern Metropolis project jointly developed by the Group and China Merchants Shekou, commenced construction in March 2025. This project spans a GFA of over 1.1 million square feet, providing approximately 2,300 residential units and featuring the largest shopping mall in the area, set to inject fresh vitality into the Northern Metropolis development. Sales are expected as early as FY2027.

Phase 4 of Lung Tin Tsuen in Yuen Long, the Group's second Northern Metropolis project, which is a collaboration with China Resources Land Limited (CR land), completed land exchange in September 2025, and construction commenced in November 2025. This project spans across a GFA of approximately 173,000 square feet, and will provide over 700 units, with sales also expected as early as FY2027. Located within the High-end Professional Service and Logistics Hub of the Northern Metropolis, the project is strategically positioned near the mature Yuen Long Town Centre which offer convenient transit to the Chinese Mainland. The development will benefit from the enhanced integration with the Greater Bay Area, supporting the Government's vision of transforming the Zone into a modern service centre for financial and professional services, advanced logistics, and cross-boundary commerce.

Besides Northern Metropolis projects, the Group's other farmland projects are also progressing well. Phase 2 of Sha Ha, Sai Kung, recently had its planning application for residential use approved by the Town Planning Board on 7 November 2025. Phase 1 of the project has already been approved since January 2022, and the two phases combined will have a total attributable GFA of approximately 790,000 square feet and will provide around 1,250 residential units.

The Group's converted and planned agricultural land conversions are expected to provide approximately 14.5 million square feet of GFA, with around 8.7 million square feet of GFA being short-to-medium-term projects (including those converted projects), and the remaining 5.8 million square feet GFA being long-term development projects.

The Group expects to complete the land premium process for several projects within the next 1 to 2 years, which includes the Sha Ha, Sai Kung project, phases 2 of Lung Tin Tsuen, which is developed in partnership with CR Land, phase 5 of Lung Tin Tsuen and Lam Hau Tsuen in Yuen Long. These projects are expected to provide approximately

2.0 million square feet of GFA.

In the medium term, the Group expects to expand its landbank by approximately 6.2 million square feet over the next 3 to 5 years through planning and land exchange applications. Key sites include Tong Yan San Tsuen, Wing Kei Tsuen, Wing Ning Tsuen and Shap Pat Heung Road. Notably, the proposed statutory plan amendment for rezoning to residential for Wing Ning Tsuen, located in Yuen Long has already been gazetted by Town Planning Board in September 2025.

In the longer term, major planned projects such as Lin Barn Tsuen, Ngau Tam Mei, and Lau Fau Shan are expected to provide approximately 5.8 million square feet of GFA.

The Group will continue to expedite agricultural land conversion to unlock value and replenish its landbank, aligning with government development policies to meet housing demand.

In addition to the landbank resources outlined above, the Group also holds an inventory of completed joint development projects with potential for future revenue and cash flow contributions. These include Pavilia Forest, The Knightsbridge, Miami Quay and Double Coast, all of which are located at the Kai Tak Runway; Uptown East at Kowloon Bay; as well as The Legacy at Mid-Levels. The GFA of unsold units attributable to the Group is approximately 543,000 square feet.

1. High-end professional services and logistics hub Proposed Plot Ratio (Subject to Government Approval) note 2 Attributable GFA (sq ft'000) note 2

   1 Lam Hau Tsuen	Short term	3.5	504
   2 Yuen Long Lungtin Tsuen (Phase 2)	Short term	5.0	275
   3 Yuen Long Lungtin Tsuen (Phase 4) note 3	Land Grant Executed	5.0	173
   4 Yuen Long Lungtin Tsuen (Phase 5) note 4	Short term	6.5 (Approved by TPB)	397
   5 Yuen Long Tai Shu Ha Road East	Short term	4.3	25
   6 Tong Yan San Tsuen (Mountain) (Site A)	Medium term	3.6	1,597
   7 Tong Yan San Tsuen (Mountain) (Site B)	Medium term	3.6	1,417
   8 Wing Ning Tsuen note 5	Medium term	6.0 (private portion) (Rezone to Residential)	889
   9 Tong Yan San Tsuen 4	Medium term	3.6	743
   10 Shap Pat Heung Road, Yuen Long note 6	Medium term	6.0 (Approved by TPB)	240
   11 Lau Fau Shan	Long term	3.0	661

2. Innovation and technology zone

   1. Wing Kei Tsuen note 7 Medium term 0.4 to 1.55

      (+388% Approved)

      1,086

   2. Sha Po North (Phase 2A + 2B) Medium term 1.2 & 1.7 265

   3. Sha Po North (Phase 3) Long term 1.2 7

   4. Lin Barn Tsuen Long term 2.5 3,994

   5. Ngau Tam Mei Long term 5.0 1,090

3. Boundary commerce and industry zone

note 1 Short Term: Land Exchange expected within 1-2 years, Medium Term: Land Exchange expected within 3-5 years, Long Term: Land Exchange expected in 5 years or more.

note 2 All proposed plot ratios and estimated developable GFAs are subject to change and Government's approval.

note 3 Land Grant executed on 26 September 2025

note 4 Application for rezoning was approved by TPB on 20 December 2024

note 5 Statutory plan amendment for rezoning to residential had already been gazetted by Town Planning Board on 26 September 2025

note 6 Application for rezoning was approved by TPB on 10 January 2025

note 7 Next to Au Tau Station, which is under construction; application for up-zoning was approved by TPB on 10 November 2023

note 8 Planning application for Phase 2 residential development was approved by TPB on 7 November 2025, while Phase 1 was already approved on 14 January 2022.

Since July 2025, policy signals aimed at "stabilising expectations" have been clear in the Chinese Mainland real estate market, and high-quality projects and improvement-oriented demand in some core cities have shown resilience. As 2026 marks the inaugural year of the "15th Five-Year Plan", policy direction continues to emphasise the overarching principle of "prioritising stability while pursuing progress." The long-term goal remains "high-quality development", with continued financial support and subsidy policies aimed to facilitate the orderly release of potential demand.

During the period under review, the Group proactively responded to changing market dynamics. Leveraging its strong brand influence, forward-looking strategic planning and robust product delivery capabilities, many of its projects continued to lead in their respective regional markets. This represents not only positive market recognition of the Group's longstanding commitment to high quality standards, but also clear evidence that value-driven, premium products remain the cornerstone of earning customer trust.

In Guangzhou, the New Metropolis • New Metropolis Mansion, was fully delivered, unleashing the full value of mixed-use TOD, with footfall during the National Day Golden Week surging by 106%. The Bai'etan landmark project, THE SILLAGE, secured its top position in both the number of units sold and total sales area in 2025. THE CO-CENTRAL MANSION also maintained its leading position in the upgraders housing market, supported by its scarce duplex offerings. In the Northern Region, the PARKSVILLE in Shenyang has topped the sales chart in its regional sector for several consecutive months, leveraging the scarcity value of its high-quality among the completed properties.

During the period under review, the Group's revenues and segment results of property development in the Chinese Mainland totalled HK$2,510 million and HK$1,304 million, respectively. The contributions were mainly from the residential projects, including Guangzhou New World • Canton Bay, Guangzhou New Metropolis • New Metropolis Mansion, and Shenyang New World Garden.

During the period under review, the Group's attributable contracted sales of properties in the Chinese Mainland amounted to approximately RMB3.2 billion. The attributable contracted sales area was approximately 150,000 sq.m., with an average price of residential contracted sales of approximately RMB26,113 per sq.m. In terms of the geographical distribution of contracted sales proceeds, the Southern Region, led by the Greater Bay Area, was the largest contributor, accounting for approximately 60%. Contributions mainly came from the Guangzhou projects, including Canton View of Central Parkview, THE SILLAGE, Guangzhou New Metropolis • New Metropolis Mansion, Guangzhou New World • Canton Bay, and PARKSVILLE in Shenyang, as well as commercial projects including Ningbo New World office building and Guangzhou Central Park-view apartments.

As at 31 December 2025, among the unrecognised gross revenues of the Group from contracted sales of properties in the Chinese Mainland, approximately RMB947 million would be recognised during 2HFY2026. In addition, approximately RMB329 million and RMB226 million will be recognised in FY2027 and FY2028 respectively.

During the period under review, the total GFA of the Group's completed projects in the Chinese Mainland (excluding carparks) was approximately 182,000 sq.m., most of which were located in the Greater Bay Area. The total GFA of the Group's completed projects in the Chinese Mainland (excluding carparks) is expected to reach approximately 184,000 sq.m. in FY2026.

According to data released by the National Bureau of Statistics, total retail sales of consumer goods for 2025 broke through the RMB50 trillion mark for the first time, reaching RMB50,120.2 billion, representing a year-on-year increase of 3.7%, 0.2 percentage points higher than 2024. Driven by the effective implementation of consumption-boosting initiatives, the synergy of fiscal and financial policies to spur domestic demand, and supply-side innovation and empowerment, the consumer market has demonstrated tremendous resilience and continued growth. Final consumption expenditure contributed 52.0% to economic growth, up by 5 percentage points from the preceding year, remaining as the core engine of economic expansion.

Along with the transformation of the economic development landscape in the Chinese Mainland, the consumption ecosystem has been evolving and upgrading, with cross-border consumption gradually becoming the mainstream behaviour. Enhanced travel convenience and robust commercial infrastructure are driving market integration across the Greater Bay Area. This synergy supports both local consumption in Hong Kong and 'northbound' spending in the Chinese Mainland, creating sustained economic momentum for the region. At the same time, by cultivating local premium consumer brands, developing consumption IP unique to the Greater Bay Area, and creating innovative and diversified consumption scenarios, emerging consumer demand is being stimulated, further releasing the consumption potential of the Greater Bay Area's "one-hour consumption circle".

During the period under review, the Group's revenues and segment results from property investments in the Chinese Mainland amounted to HK$934 million and HK$526 million, respectively. The overall occupancy rate of major projects in the investment property portfolio remained stable.

Guided by policies promoting consumption upgrades and domestic market activation in the Chinese Mainland, the Group's K11 adopted an innovative "Art + Commercial" model to empower consumption, consistently achieving new highs in footfall and sales. During the National Day Golden Week, the overall sales of K11 in the Chinese Mainland increased by 23% year-on-year. This momentum continued through the 2025 year-end festive season, which saw a further year-on-year sales growth of approximately 20%.

Shanghai K11 Art Mall's new member growth increased by around 20%, driven by its multi-channel synergies in membership activities and social media promotions. As at 31 December 2025, the occupancy rate reached 92%, supported by ongoing brand upgrades and optimisation. During the anniversary celebration in 2025, Shanghai K11 partnered the popular IP WAKAKU, to hold a debut event and launch a Christmas celebration series, driving a significant increase of approximately 60% in foot traffic and 53% surge in sales, year-on-year, achieving breakthroughs in both performance and brand value.

Shenzhen K11 ECOAST fully leveraged its positioning as a waterfront cultural landmark and, since its opening on 28 April 2025, has continued to cultivate the "debut economy", delivering outstanding operational performance. As at the end of December 2025, cumulative footfall exceeded 13 million visitors. During the National Day holiday, average daily customer traffic surpassed 100,000, and sales performance concurrently hit a new record. Leveraging its unique geographical advantage, the project hosted 166 special events during the period under review. Among them, the 20th anniversary-themed exhibition in collaboration with Hong Kong Disneyland stood out in particular, driving 54% growth in foot traffic and approximately 50% surge in sales during the event period, firmly establishing its status as a cultural tourism consumption landmark in the Greater Bay Area.

Guangzhou Hanxi K11 officially opened on 29 September 2025. Adhering to its "Future Living+" positioning, it strategically introduced about 50 debut stores in the Chinese Mainland, Guangzhou and Panyu, successfully creating diverse commercial scenarios with an international vision and local characteristics. Since its opening, the project has demonstrated a strong ability to attract visitors, receiving approximately 700,000 visits during the National Day holiday and over 650,000 during the Christmas and New Year period. In addition, through the dedicated cultivation of a pet-friendly community, it has attracted a large number of families and young visitors. At the same time, Guangzhou Hanxi K11 innovatively integrated Lingnan's intangible cultural heritage into modern commercial spaces. While establishing as a regional landmark, it actively responded to the spot demand for high-quality development, realising the organic integration of cultural heritage and commercial value.

During the period under review, Wuhan Hankou K11 Art Mall completed a phased restructuring of its tenant mix, achieving an occupancy rate of approximately 90% as at 31 December 2025. The project focuses on three core pillars - "night economy, pet-friendly offerings, and trendy lifestyles" - to build a youth consumption hub, leveraging its differentiated positioning to precisely penetrate the regional market. During the period under review, with proactive government guidance and support, Wuhan Hankou K11 Atelier, the office tower, has successfully developed itself into a specialised healthcare industry hub. This has created a significant industry clustering effect, enabling the project to maintain stable performance with an occupancy rate of 82% as at 31 December 2025.

During the period under review, Wuhan Guanggu K11 utilised government resources to roll out the "Do Lok Street多樂街", creating a brand-new outdoor creative street area. Many new stores debuted in the mall, with a total of 29 new brand leases secured throughout the period, contributing to a solid average occupancy rate of 90%. In terms of community engagement, the project continued to deepen the development of its proprietary IP "DISTRICT 11", hosting several benchmark events centred around e-sports and anime. During the period under review, a total of seven e-sports tournaments and anime events were organised, precisely targeting "Gen Z" customers. This further optimised the customer mix and drove a rebound in foot traffic.

During the period under review, Shenyang K11 successfully introduced five city-wide debut stores and trending 'influencer' brands, including the professional-grade Olymer K11 Ice Sports Centre. The project maintained a steady average occupancy rate of 83%, with sales recording modest year-on-year growth. The project focuses on creating an iconic urban commercial landmark. By leveraging deep integration with government resources, it organised signature events such as the Snow Beer Festival, New Year's drone display, and the city's first dessert festival, stimulating regional consumption momentum and driving growth in both footfall and sales.

Ningbo K11 celebrated its first anniversary during the period under review. A number of major events were held to mark the milestone, including anniversary celebrations, Christmas promotions, and New Year activities, which further strengthened its brand presence in the regional commercial market. The mall prioritises first store recruitment as its primary leasing strategy, introducing regional debuts such as ROARGUNS and SPAO. Through precise brand positioning, it has cultivated a highly loyal customer base, creating strong momentum for sustained long-term growth.

In response to evolving market demand, Guangzhou Yunmen NEW PARK continued to enhance its service experience. During the period under review, both average transaction value and volume increased, while themed events attracted over 10 million visitors. As at 31 December 2025, the occupancy rate of the project reached 91%. Through an optimised and diversified business portfolio, the mall strengthened its core customer appeal and market competitiveness.

As an innovative incubation platform for high-end dining and retail brands in Guangzhou, The Canton Place underwent partial brand revitalisation and upgrades during the period under review. It introduced multiple Michelin-starred restaurants and debut/flagship stores of trendy apparel brands. Capitalising on its unique positioning as a multicultural fusion hub, footfall increased by 5% year-over-year. As at 31 December 2025, the project achieved a 96% occupancy rate. Leveraging its unique advantage as a premier open-air commercial project, combined with targeted events to attract premium consumer segments, The Canton Place was able to boost footfall, and also foster cross-brand collaborations and value enhancement.

As more large-scale commercial projects are successively completed, the Group will continue to adhere to its strategic vision of "Improving Integration and Connectivity in First-Tier Cities in the Greater Bay Area and the Yangtze River Delta Region" and diversify its business to further increase recurring rental income.

As at 31 December 2025, the Group had a landbank (excluding carparks) with a total GFA of approximately 2.89 million sq.m. available for immediate development in the Chinese Mainland, of which approximately 1.554 million sq.m. was zoned for residential use. Of the total GFA of the landbank (excluding carparks), approximately 2.284 million sq.m. were core property development projects mainly located in Guangzhou, Shenzhen, Foshan, Wuhan, Shanghai, Hangzhou, Beijing and Shenyang, with approximately 0.957 million sq.m. for residential use.

Over the years, the Group has focused on developing core cities in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta. The industrial and demographic advantages of these core city clusters have strengthened the projects' consumption momentum and risk resilience, laying a solid foundation for the Group's improved performance. At the same time, the Group has actively deepened its strategic cooperation with major central and state-owned enterprises, integrating resources and leveraging complementary strengths to jointly explore new pathways for high-quality development in the industry.

During the period under review, the Group's properties across Hong Kong, the Chinese Mainland, and Southeast Asia ("SEA") reported positive growth in both revenue and GOP as compared with the same period last year. While the hotel market faced ongoing instability from geopolitical concerns and trade tensions, the Group's overall occupancy rate and ADR trended upward.

The Hong Kong hotel market experienced a highly divergent recovery during the period under review, shaped by intense rate competition and an increasing reliance on event-led performance. Despite these challenges, the total number of arrivals to Hong Kong rose by 12% year-on-year, and the Group's hotel properties registered growth in occupancy rate and ADR, up by 2% and 5% year-on-year, respectively. Market conditions in the third quarter were challenging amid continued cautiousness in consumer sentiment across the market. Performance improved toward late summer and delivered a clearer rebound in the fourth quarter, led by the National Day Golden Week, National Games, the core trade fair season, and high-profile financial summits. However, softer F&B demand and subdued celebratory activities weighed on overall profitability toward the end of the year.

Supported by domestic and inbound tourism, the Group's 11 properties in the Chinese Mainland outperformed the same period last year, with total revenue and GOP growing by 2% and 8% year-on-year, respectively. Both ADR and occupancy rate registered mild growth, with the three hotels in Beijing outperforming those in other cities. The F&B business stabilised and slightly outperformed last year. However, the corporate segment remained soft. During periods of demand softness, the Group's hotels employed an occupancy-driven strategy to maintain market share. Facing challenges such as consumption downgrade and rising outbound travel, the Group remains cautious about the F&B segment.

During the period under review, performance across Southeast Asia was mixed. The Group's hotels in Vietnam maintained strong growth momentum, supported by favourable visa policies and robust international demand. As Ho Chi Minh City welcomed approximately 8.5 million international visitors, the Group's hotels there performed beyond expectations. In contrast, the Group's hotel property in Thailand faced challenges as macro security concerns in the region weakened overall travel sentiment. In Phuket, while international arrivals achieved a new record high, increased supply and a substantial decline in visitors from China posed major challenges.

As at 31 December 2025, the Group operated a total of 17 hotel properties in Hong Kong, the Chinese Mainland and SEA, representing a total of approximately 6,455 rooms.

Reconciliation of loss for the period to core operating profit

(Unaudited)

For the six months ended 31 December

Impairment loss on property, plant and equipment, right-of-use assets and interests in associated

companies 411.0 -

Impairment on goodwill, include share of results of joint ventures and

In Hong Kong, while the mild uplift in the general market sentiment supported by its resilient economy and renewed investors' interest in Hong Kong has provided some support to its property market, the market remained constrained by lingering economic challenges, geopolitical risks and broader global uncertainties, all of which cast doubt on whether the current momentum can be sustained. During the period under review, the successful completion of the HK$20 billion debt exchange, together with encouraging sales and leasing performances across the Group's property development and property investment segments, provided the Group with additional financial headroom and flexibility.

Going forward, the Group will continue its strategic direction to focus on its core businesses of property development and property investment, and will fully leverage on the Group's premium brands and products, effective sales and operating strategies as well as a disciplined and prudent management approach to navigate challenges and to assure sustainable business growth. In addition, the Group's top priority is to continue to prioritise cash flow and reduce overall indebtedness. To achieve this, the Group will continue to operate as "business as usual" and make every effort to implement the "Seven Measures to Reduce Indebtedness". These include 1) accelerated development property sales, 2) asset disposals, 3) unlocking value of the Group's agricultural land, 4) ramp up of recurring income with rental yield improvement, 5) capital and operating expenditure optimisation, 6) temporary halt of the stock dividend payments and temporary distribution deferral on group Perpetual Capital Securities, and 7) prudent treasury management strategies.

For the Chinese Mainland market, the systematic implementation of various measures is expected to gradually transform the Chinese Mainland real estate market towards a new development paradigm characterised by balanced supply and demand, optimised structure as well as stable operations, providing solid support for high-quality economic development. Current policies are synergistically addressing supply-demand dynamics, financial support measures, urban renewal and more, showcasing the central government's determination to stabilise the real estate market while carving out a clear growth path for developers capable of high-quality delivery.

Regarding the Property Development segment, several of the Group projects in Hong Kong and Chinese Mainland are underway and are progressing according to plan.

In Hong Kong, the Pavilia Farm III, a residential project jointly developed by the Group and MTR Corporation in Shatin, is expected to be completed by the second half of FY2026. Located directly above Tai Wai MTR Station and adjacent to one of the district's largest malls, The Wai, the development integrates transit convenience with premium residential living and is well received by both homebuyers and investors. Around 540 remaining units of the Pavilia Farm III are expected to be relaunched in FY2026.

Another notable project is the Group's low rise luxury residential development, PAVILIA ROSA, located on Rose Street in Kowloon. It will be a new addition to the Pavilia Collection, the Group's most prestigious and luxurious series. The project is situated within a traditional upscale neighbourhood, in close proximity to major shopping malls and provide convenient access to comprehensive transportation network. The surrounding area is also known for its international schools and renowned universities, reinforcing the district's long-standing reputation as a highly sought-after neighbourhood for discerning families.

Spanning a total GFA of approximately 117,000 square feet, the project will feature around 100 units, primarily featuring spacious three and four-bedroom signature units, as well as a small number of special units. The inclusion of basement parking, a rare feature in the district, further enhances the project's appeal. As the neighbourhood has not had any low-density luxury housing supply for more than a decade, all units will be launched for sale through tender. Sales are expected as early as the first quarter of 2026.

Another upcoming residential project in West Kowloon under the "BOHEMIAN COLLECTION" is Grand Austin Bohemian. Similar to Austin Bohemian, the project is in close proximity to Austin Station, which connects to the High-Speed Rail network and is strategically linked with four railway lines, a neighbourhood that has shown great buyer appeal, as reflected by the positive reception of the nearby Austin Bohemian in recently launched in December 2025. Sales for the Grand Austin Bohemian are expected as early as March 2026.

In the Chinese Mainland, New World 188, an urban renewal project in Shenzhen, has fully entered the development phase. This sizable 628,000 square meters super urban complex is set to deliver approximately 3,000 premium residential units, with the first phase, Well Spring, slated for launch in the second quarter of 2026. Additionally, the project features 60,000 square metres of pedestrianised commercial streets focused on culture and creativity to create a premium Hong Kong-style community. By seamlessly integrating residential, retail, and business functions, the project creates a vibrant, multi-dimensional ecosystem. Furthermore, the project occupies a prime location near the Shenzhen Universiade Sports Centre, and at the intersection of three districts, offering exceptional transportation connectivity. With direct access to the border and the high-speed rail station within 30 minutes, along with efficient cross-border and intercity connectivity, the project possesses strong location value.

The development of the urban renewal project in Xili, Shenzhen, is progressing smoothly, with sales expected in the third quarter of 2026. The project is strategically located in the heart of the Nanshan science and technology innovation zone, and has a total planned GFA of approximately 148,000 square metres. This includes over 65,000 square metres of residential space, complemented by large-scale commercial and public facilities designed to attract technology innovation talent in the region. As a future super transportation hub, the project benefits from the connectivity of 10 multi-level rail transit networks, offering residents highly efficient and convenient urban commuting experiences.

In addition, in the Chinese Mainland, the Group will continue to promote the sale of key projects, including Canton View of Central Parkview, THE SILLAGE, Guangzhou New Metropolis • New Metropolis Mansion, THE PARKSVILLE in Shenyang and Hangzhou Wangjiang New Town Office Project.

Regarding the property investment market in Hong Kong, despite the persistent challenges faced the Hong Kong retail market due to changes in consumption patterns among tourists and local residents, the Group remains cautiously optimistic about the prospects of retail investment properties. The Group will continue to provide innovative experiences for customers, stay attuned to market dynamics, flexibly adjust tenant mix, and actively introduce sought-after international and mainland brands to enhance foot traffic and boost consumer activity. K11 MUSEA, the cultural-retail destination, will continue to attract renowned luxury brands as well as premium lifestyle brands and optimise tenant mix. Leveraging its unique positioning and series of large scale cultural events, K11 MUSEA will further drive foot traffic and sales.

K11 Art Mall, will continue to capture the attention of the Gen Z market, enhance its brand portfolio and optimise pop-up stores and event spaces, offering customers diverse new retail experiences. This will solidify its trendy positioning in the Gen Z market, benefiting from high occupancy rates and strong foot traffic.

"11 SKIES", located within the SKYCITY COMPLEX at the Hong Kong International Airport, spans a total GFA of over 3,800,000 square feet, in which three Grade A office buildings, K11 ATELIER 11 SKIES, are already in use. Physical access to 11 SKIES from the Hong Kong International Airport (HKIA) is via a footbridge connected to the new Terminal 2 of the HKIA, and the opening of its entertainment, retail, dining and professional services offerings will take into consideration the development timeline of the new Terminal 2 and the broader SKYCITY complex project. According to the Hong Kong Airport Authority, the new Terminal 2 has begun phased operations since late 2025, with its indoor Coach Hall opened on 23 September 2025. The next phase of opening will be the departure hall and related facilities of Terminal 2, which is expected to be launched in May of 2026.

Performance of the Group's office portfolio in Hong Kong is expected to remain resilient, and shall continue to capture the sustainable growth in semi-retail and service-oriented sectors such as wellness, lifestyle and medical services. The Group will continue its strategic focus on further optimising tenant mix and recruiting more business partners in the future.

In terms of property investments in the Chinese Mainland, Shenzhen K11 ECOAST and Guangzhou Hanxi K11, which opened in April and September 2025, respectively, have become pioneers in the commercial and retail sectors in Guangzhou and Shenzhen. At the same time, the Group continues to strategically expand K11's footprint. K11 Atelier, the office component of the Group's landmark Shanghai project K11 ELYSEA, is slated for inauguration in 2026. The project has already secured a pre-leasing rate of over 50%, with its first cohort of anchor tenants comprising leading enterprises from sectors such as legal services, finance, consulting and fashion.

New World Arts Centre, situated in the prime location of Wangjiang New City, Hangzhou and meticulously developed by the Group, has now reached its final stages of development. The commercial segment, comprising Hangzhou K11 Art Mall and K11 Atelier, is scheduled to gradually open from the fourth quarter of 2027. The project will feature a spatial design of nine floors above ground and three floors below ground, dedicated to creating an innovative new retail environment.

Regarding the hotel sector, the prospects for Hong Kong's hotel market from January to June 2026 remain cautiously positive, underpinned by a strong calendar of citywide exhibitions, conferences, and diversified event schedules covering influential summits in finance, medicine, education, and trade, which are expected to provide solid support for occupancy levels. Furthermore, an active IPO market, continuation of large scale sports and entertainment activities, and the ongoing government promotion of the "mega event economy" are expected to drive resilient leisure demand during long weekends and event periods. However, ADR growth is expected to remain modest as corporate travel budgets remain selective and the Chinese Mainland travellers exhibit increasingly prudent consumption. In addition, intensified competition from new supply and aggressive pricing strategies across segments will continue to pose structural rate pressure.

In the Chinese Mainland, domestic and inbound travel, supported by rising demand for cultural tourism experiences and favourable visa policies, are expected to continuously drive demand influx and help hotels maintain revenue per available room. However, room rates will continue to face pressure from the tightening of corporate travel budgets and intense pricing competition across markets. Other persistent challenges include consumption downgrading, rising outbound travel, and the downsizing of MICE events. As for the F&B segment, its outlook remains cautious due to abundant local dining options available to travellers and residents.

In Southeast Asia, preparations for the 2027 Asia-Pacific Economic Cooperation meetings and the forthcoming opening of Long Thanh International Airport are expected to further boost international arrivals and strengthen hotel demand in Ho Chi Minh City. However, renovation of the Renaissance Riverside Hotel Saigon in the second quarter of 2026 may affect overall occupancy rates. In Thailand, the market projects more than 36 million international arrivals in 2026, with renewed focus on higher-spending travelers and wellness tourism. Nevertheless, challenges such as geopolitical uncertainties, slower domestic economic growth and rising operational costs remain, potentially further influence travel patterns and the industry landscape across the region.

The Group will strategically focus on the development of the Greater Bay Area and key cities in the Yangtze River Delta. With the dual advantages of an international perspective and localised decision-making, the Group will adhere to a "dual-engine" strategy driven by property development and investment, with high-quality development as its primary pathway. Additionally, the Group will leverage its strategic positioning in core regions and capitalise on policy directives and market recovery opportunities to drive steady and positive business development. With national strategies advancing Hong Kong's Northern Metropolis, the Greater Bay Area and the Yangtze River Delta integration, the Group will draw on its profound expertise in mid-to-high-end product development and integrated operations to create stable and sustainable long-term value for its stakeholders, including shareholders, customers, and the society.

Executive Director and Chief Executive Officer

Hong Kong, China, 27 February 2026

For the six months ended 31 December 2025

For the six months ended 31 December 2025

Items that will not be reclassified to profit or loss

Net fair value changes of equity instruments as financial assets

at fair value through other comprehensive income (6.2) (22.9)

Revaluation of investment properties upon reclassification from

property, plant and equipment and right-of-use assets, net of taxation - 17.1

Items that had been reclassified/may be reclassified subsequently to profit or loss Share of other comprehensive income of joint ventures and

As at 31 December 2025

Condensed Consolidated Statement of Financial Position

As at 31 December 2025

For the six months ended 31 December 2025 (Unaudited)

Contributions/(distributions to) by owners Redemption of perpetual capital securities,